The Kapil Dev-backed Samco Ventures has raised ₹49 crore in Series B funding round by the existing promoters and Bay Capital Investments.
Samco Ventures is the parent company of online discount broker and the owner of mobile trading platform StockNote Samco Securities.
The company in a Press released has claimed the $7.5 million (₹49 crores) in a fresh round of internal funding, which is led by an existing investor, mid-market private equity firm Bay Capital Investments.
The Company in the series A funding in 2015-16 had raised ₹20 crore.
The new proceeds will be used towards building its mutual fund distribution, lending capability, research and advisory businesses, Samco Securities and StockNote founder and CEO Jimeet Modi has stated in the release.
The 1983 Cricket World Cup-winning captain Kapil Dev has also participated in the Series B Round funding. Kapil in the Series A funding round in 2015 along with Bay Capital Partners founder Siddharth Mehta and others had invested $3 million (₹20 crore) in the company.
Since its inception in 2015, Samco claims to have offered services to over 75,000 customers. It recently launched a content streaming and trading platform StockNote, which aggregates and delivers news and information on stocks and sectors across the country.
Available across Android and iOS, StockNote has amassed over 50,000 downloads. The company has set a target of one million downloads by March 2019.
StockNote uses Artificial Intelligence and advanced analytics, ‘StockNote’ churns content to give insight to users to enable them to take better investment or trading decisions.
Currently, SAMCO Securities has 1-1.5% market share in the retail broking industry, which it hopes to increase to about 3% with the launch of this Giga trading app.
The brokerage firm competes with the likes of Zerodha. The Bengaluru-based technology-driven zero brokerage firm has recently got the license from the Reserve Bank of India to operate as a non-banking finance company in the country.
The company had also launched the Indian Trading League, India’s only social online share trading platform which offered prizes of over ₹1.5 crores with an opportunity to become India’s Smartest Investor and Trader.